Beijing tech hub to shift focus from digital products to startups

Zhongguancun, a nationally renowned technology hub in Beijing, will transform its development model from an electronics-dominated to an innovation-oriented economy by focusing on serving startups amid a recession in the electronics trade, local authorities announced.

According to the announcement by Zhongguancun Haidian Park, the core area of Zhongguancun will bid farewell to traditional electronics stores that currently cover about 150,000 square meters of office space and cultivate innovation-based business and enterprise startups.

The area will focus its efforts on fully utilizing limited space for innovation incubators, smart hardware, Internet-plus business and other new businesses.